President Volodymyr Zelensky told how Ukraine will spend the €35 billion loan provided by the European Commission.
He said this at a press conference with the President of the European Commission Ursula von der Leyen in Kyiv.
First of all, the loan funds received from the EU will be spent on energy and defense, we are talking about bomb shelters in schools, kindergartens, and universities.
The funds will also be used to purchase Ukrainian-made weapons, including long-range drones and missiles. Ukraine is ready to spend part of the funding on air defense equipment produced in other countries.
During her visit to Kyiv on September 20, von der Leyen informed that the European Union will provide Ukraine with a €35 billion loan at the expense of the frozen assets of the Russian Federation.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
Ukraine has already received several tranches of aid from the EU proceeds from frozen Russian assets. And on June 24, the EU approved military aid to Ukraine from revenues from the assets of the Russian Federation.
- The day before, the head of the European Commission Ursula von der Leyen informed that the European Union will allocate €160 million to support Ukraineʼs energy security ahead of winter. Part of the amount will be provided from frozen Russian assets.